Most of them have a credit score of Zero. They all live debt free.
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If you live debt free, even if you don’t carry any available lines of credit or open accounts, you should still have a credit score above 600. Not zero.
It’s difficult to get below 600 unless you are late paying your bills all of the time AND you have running debt.
A couple of years ago ....
circumstances of a particular deal ....
Required my score...
It was reported back as .... no score
I had to take out a loan.. buy some short term cds... pay the loan
just to get in the system .. I did not like that at all
It was an all cash deal
boiler plate closing docs can be a pain
..... but my point ... it is possible to have ..no score
“If you live debt free, even if you don’t carry any available lines of credit or open accounts, you should still have a credit score above 600. Not zero.”.
Not true. I just signed a mortgage for the townhouse I have been renting. Because I have not had a credit card for over forty years I had not credit score; had to get two credit cards for about a month to get a score of over 700 before any bank would look at me.
Incorrect.
It isn’t zero, you just don’t exist in the system, you have no score.
z3n -
1of10 and jimfr are correct.
If you don’t believe them, listen to Dave Ramsey. He is a wealthy financial advisor and a conservative. He buys property with cash. He has no credit score.
No credit score is not the same as a low credit score, but most people cannot qualify for a mortgage without a credit score.
Landlords are willing to overlook the absence of a credit score, but they require an income 3 to 3.5 times the rent.
I had no credit score for many years because I had no credit card and no debt. I had to take out a credit card and use it to get a credit score.